Tutor > oh awesome icon of chart devinations and creations
Fairest damsel, I sense you are pulling my leg -- but oh, so delightfully! Please don't stop.
Re the chart, I agree with what you say, the technical picture is very bearish. I had certainly considered a USD index of 70 but not 55. That would be disastrous, and not only for the US. Already the EU countries are complaining that the dollar is too cheap and the Euro is too strong.
As you say, the decline is orderly, the fall being about 20% since the beginning of last year and 10% since the beginning of this year. What is significant, of course, is the break through of the long-term support level at 79-80.
Oil is up 40 -50% since the beginning of this year and on momentum alone $100 is clearly within reach.
My expectation is that gold will reach $1000 at the end of next year, if its present long-term trend continues, but it could even be sooner if one considers that the price has clearly broken out of its consolidation pattern going back to Jan 06. Unfortunately, $850, the all time high, will present a hurdle.
Thank you for the kind thought about my health. Yes, I am very well these days but I look after myself like a baby! I trust you are keeping well too. |
